Needs - Things that are essential , Wants - Things we would like to have but can live without., Secondary sector examples - Cars, house building, furniture makers., Goods - These are things we can see and touch- they are tangible., Durable - This means that the item can be reused like a washing machine, TV, cooking pot etc, Services - Things we can’t see or touch, they are intangible, Non- Durable - This means that the item can only be used once like a chocolate bar or toilet paper., Primary sector examples   - Oil, gas, farming, wind + solar power., Tertiary sector examples - Retail, banking tourism, insurance., Quaternary sector examples - Universities, schools, research centres, search engines., Privatisation - The selling of services provided by Government to private sector organisations., Nationalised Companies - These are private sector organisations, established to generate profit, that are fully or partly owned by the government., There 3 areas of economic activity? - Private, public and third., Entrepreneurs - The individuals or group of owners who have the enterprising idea and combine the factors of production in order to provide goods and services, normally for profit., Unlimited Liability - Unlimited liability means that if a business should fail and not be able to repay all of its debts, then the owner will have to sell their personal possessions in order to find the funds to cover the amounts still owed., The impact of having unlimited lia bility is that? - It can put off potential investors., The impact of having limited liability? - This can encourage potential investment., Economies of scale - Are the advantages for an organisation of getting larger: easier to raise finance; can buy in bulk; can employ specialist managers etc, Dividends - Are the percentage of profits that are given to shareholders as a ‘reward’ for investing, Sole Traders? - one individual,

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